Scaling analytics across the organisation

McKinsey (link below) discuss the value driven by advanced AI. “Organisations achieving better scale and value are what McKinsey terms “breakaways” and more likely to engage in the practises below.

2 times more likely to obtain strong executive alignment

3.5% more likely to exceed 3 plus use cases across organisations

13% more likely to spend >25% of IT budget on analytics

2.5% more likely to spend more on analytics over next 3

4 times more likely to devote more of analytics spend to embed analytics into organisational DNA

McKinsey describes nine critical areas in which insurers should outperform to be “breakaways” instead of laggards. The results will come through in increased satisfaction and improvements to the bottom line

Aligning on Strategy

Obtaining a strong and unified commitment from all levels management

Increasing analytics investments with a focus on the last mile (embedded analytics)

Building the right foundations of data, technology and people

Developing a clear data strategy and & strong data governance

Using sophisticated analytics methodologies

Possessing analytics expertise and talent strategy

Creating cross-functional, collaborative and agile teams

Conquering the last mile by embedding analytics into decision making and processes

The executive’s AI interactive playbook by @McKinsey@McKQuarterlyIt’s time to break out of pilot purgatory and more effectively apply artificial intelligence and advanced analytics throughout your organization. https://t.co/GSmxKB9l9D